The London-based World Federation of Exchanges (WFE) is one of the largest trade organizations in the financial services industry. It has more than 200 market infrastructure members, including 66 exchanges from across the securities and futures industry representing the vast majority of exchange-traded business, as well as clearinghouses.

The Federation acts as a discussion and policy forum - focused at its annual general assembly - for issues including self regulation, enforcement and securities business conduct. It advocates on behalf of the global exchange sector and works with global regulators to establish standards for the proper functioning of publicly regulated securities markets.

Each member exchange upholds WFE's four core pillars which include: being significant within its country of origin, regulated by a supervisory body or within a statutory framework, work in capital raising and risk management and pursue purposes for the public good.[1]

The Federation also acts as a source for market statistics, and sponsors research, promotes corporate governance standards, and provides professional relations and industry advocacy. It holds and publishes more than 350 market data indicators. [2]

WFE exchanges are home to nearly 45,000 listed companies with a total market cap of $62.7 trillion and trading value of $110.7 trillion. The WFE promotes the development of fair, efficient and transparent markets. It works with policy makers, regulators and standard-setters around the world to support the development of effective rules and standards for exchanges and market participants.

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History

The WFE was founded in London in 1961 as the International Federation of Stock Exchanges. The Federation traces its roots to the International Bureau of Stock Exchange, created in the 1930s in an initiative spearheaded by the International Chamber of Commerce.[3]

The original title of the organization was changed to a more global one, La Federation Internationale des Bourses de Valeurs (FIBV) and in 2001 at the Annual Congress in Madrid it assumed the name which it retains today, the World Federation of Exchanges.

In 2012, the WFE created the post of chief executive as part of a revamp aimed at transforming the group from an association focused on research to a more active lobbyist for bourses.[5] In October of that year, then-WFE secretary-general and former Istanbul Stock Exchange CEO Hüseyin Erkan was named as the WFE's first CEO.

In October of 2013, during the WFE General Assembly in Mexico City, WFE delegates approved a decision to move its headquarters from Paris to London. The move was done to place the WFE closer to its members and customers. During the meeting, the WFE also increased its membership to 62 regulated exchanges, including five new bourses. The new members are Dubai Financial Markets, Hochiminh Stock Exchange, Kazakhstan Stock Exchange, New Zealand Stock Exchange and Qatar Exchange.[6]

In October 2014, Erkan stepped down as CEO and was replaced by former chief administrative officer Nandini Sukumar.[7]

Organization and Key Personnel

The WFE is governed by a 17-member board of directors; the chairman, vice-chairman and board are elected for two years at the general assembly.

The WFE added two associate members, DTCC and the the OCC to "involve independent SROs, clearinghouses, registries, depositories and other actors judged to provide critical infrastructure support to
the exchange environment."[9]